Introduction

Recent efforts have seen the move towards the convergence of international accounting standards. This is fundamentally the move to having all kinds off financial reporting produce a common result. This concept has been adopted by the SEC and the FASB to ensure the synchronization of all partners who have subscribed to these standards. The IFRS offers this opportunity by having a standard and uniform template upon which all financial reporting will be scrutinized. There is need to conduct further research on the issue of taking up a uniform standards of financial reporting globally. This is because there are some underlying effects that these standards may have on SME (small and medium size enterprises). The standards are developed to favour multinational cooperation, negatively impacting the small and medium size enterprises.
Financial accounting practices are essential for determining the performance of organisations and their financial situations. Private, governmental and non-governmental organisations use accounting standards to improve their performance (Godfrey & Chalmers, 2007). There are many stakeholders of financial information who have an interest in the financial report for various purposes. Therefore, the method used and the influence of that method to the organisation and its financial statement is of great significance to the stakeholders of those organisations (Godfrey & Chalmers, 2007) The document focuses on the advantages and disadvantages of globalisation of accounting standards to various stakeholders. The project contains an abstract, introduction, the body of the report, glossary, conclusion, list of references and bibliography.
International Financial Reporting Standards (IFRS) is the main accounting systems under consideration for application as an international accounting system (Samak et al., 2012). The expansion of businesses ...

Related papers

However, in United States, there are some domestic and independent companies having great potentials for reducing United States’ dependency for foreign fuels. Besides, there are greater opportunities in alternative and renewable fuels and the domestic companies like Kodiak Oil and Gas Corp are having enough experiences and quality to explore such opportunities. There are certain major issues…

This issue can be addressed through the use of GIS. GIS allows for effective integration and analysis of data by combining multiple data layers into purposeful information which can then be used much more effectively. This project seeks to demonstrate the utility of GIS for law enforcement agencies. The aim of this project is to perform crime analysis using GIS for a metropolitan city such as…

The need to find alternate sources of energy is greater than ever before. The main objective of this paper is to find ways of how other alternate sources can be used to produce clean energy for the next generation. Hydropower is one of the major alternate sources of energy available. Hydropower can be a solution to the lack of electricity over the world. The research will be aimed at finding ways…

I want to be that kind of significant person in the lives of children – my students. I did some teaching in the past and it brought me joy helping a child to learn to do what he could not previously. I had to try different ways to explain him the subject, and the result was splendid! I like trying new ideas in search for solution. I also realize teacher’s path is not always filled with thrill…

The other option that Salsbury has is to open a health and fitness complex and it has a NPV of ?700,000. Furthermore, the report justifies the technique that has been used in order to evaluate the project by comparing it with other project evaluation techniques such as Accounting Rate of Return and Profitability Index. Moreover, the report then discusses other factors that the organization needs…

The business has good financial operating strategies. By developing fixed and variable expenses PPD strategies they find it efficient in paying long term expenses without running out of all the operational cash. During their 1st Qrt they expected a fixed cost structure of 20% which in actual budget shifted to 19% making a point value of 1. The same way by budgeting for variable cost structure of…

Recent efforts have seen the move towards the convergence of international accounting standards. This is fundamentally the move to having all kinds off financial reporting produce a common result. This concept has been adopted by the SEC and the FASB to ensure the synchronization of all partners who have subscribed to these standards. The IFRS offers this opportunity by having a standard and…

Didn't find a paper?

Contact us via Live Chat, call us at +15186314539or send an email to support@studentshare.net